HNA unit CWT Intl faces asset seizure after default on $179 mln loan

HONG KONG, April 16 (Reuters) - Chinese conglomerate HNA Group Co Ltd could lose assets in Hong Kong-listed unit CWT International Ltd after CWT defaulted on a HK$1.4 billion ($178.56 million) loan, the company said in a stock exchange filing on Tuesday.

CWT said it failed to pay accrued interest and certain fees worth HK$63 million to lenders, who would enforce security and take possession of all charged assets if the amounts are not repaid by 9 AM (0100 GMT) on Wednesday.

Security pledged to the loan facility include CWT Pte Ltd, a wholly owned subsidiary of CWT International that holds the group’s logistics services, commodity marketing, engineering services and financial services businesses. The security also includes CWT International’s investment in properties in Britain and the United States, and golf courses in China.

HNA did not immediately respond to a request for comment. CWT International shares have been suspended since April 10.